25 Oct 2018 07:00
Mayan Energy Ltd / Index: AIM / Epic: MYN/ ISIN: VGG6622A1057 / Sector: Oil and Gas
25 October 2018
Mayan Energy Ltd ("Mayan" or the "Company")
Distribution of Petroteq Shares and Warrants
Mayan Energy Ltd (AIM: MYN), the AIM listed oil and gas company, is pleased to announce it has been notified of the distribution of TSX listed Petroteq Energy Inc ('Petroteq') (TSXVE: PQE OTC: PQEFF) shares and warrants pro rata to the Unit Holders of Deloro Energy LLC ("Deloro"). Mayan will receive 1,035,233 Petroteq ordinary shares and 1,035,233 Petroteq warrants exercisable at US$0.91 for its 17.3% interest in Deloro. The shares and warrants are being distributed fully tradable and vested. As at close of business on 23 October 2018, the value of Mayan's shares in Petroteq is $631,492 based on a closing mid-market price of US$0.61. Deloro's remaining asset is a shareholding of 61,102,564 shares in Mayan.
Petroteq is developing the Asphalt Ridge heavy oil sands project in Utah, which holds contingent resources of 87.5 million barrels. Petroteq's patented protected technology utilises a modular and small footprint/capex, allowing it to extract over 99% of all hydrocarbons without the need for high temperatures or pressures while using no water and generating no greenhouse gases. It announced on the 27 September 2018 that it had completed the unification, testing, calibration and adjustment of the 14 processes that constitute Petroteq's patented extraction system and that the Asphalt Ridge plant was in commercial production. Production is being ramped up towards an initial rate of 1,000 bopd as part of its Stage 1 development. Petroteq is awaiting the receipt of the final business permit to commence transportation of oil off site which is expected imminently. The latest presentation is available on https://content.equisolve.net/petroteq/media/a9bc1245c1b816150e14fa309f4aa53c.pdf
Special note concerning the Market Abuse Regulation
This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No 596/2014 ("MAR").
**ENDS**
For further information visit http://mayanenergy.co.uk/ or contact the following:
Charlie Wood | Mayan Energy Ltd | +44 7971 444 326 |
Roland Cornish | Beaumont Cornish Ltd | +44 20 7628 3396 |
James Biddle | Beaumont Cornish Ltd | +44 20 7628 3396 |
Frank Buhagiar | St Brides Partners Limited | +44 20 7236 1177 |
Gaby Jenner | St Brides Partners Limited | +44 20 7236 1177 |
Colin Rowbury | Novum Securities Limited | +44 20 7399 9400 |
Notes:
Mayan Energy Limited is an AIM listed (London Stock Exchange) North American based energy company.
Petroteq is a Canadian-registered holding company, publicly trading on the TSX Venture Exchange (Symbol: PQE) and the OTC trading platform (Symbol: PQEFF). Its offices are located in Toronto, Ontario, Canada, Los Angeles, California and its initial oil sands processing plant is in Vernal, Utah.
Petroteq is a fully integrated oil and gas company focused on the development and implementation of a new proprietary technology for oil extraction. The Company has an environmentally safe and sustainable technology for the extraction of heavy oils from oil sands, oil shale deposits and shallow oil deposits. Petroteq is engaged in the development and implementation of its patented environmentally friendly heavy oil processing and extraction technologies. The proprietary process produces zero greenhouse gas, zero waste and requires no high temperatures. Petroteq is currently focused on developing its oil sands resources and expanding production capacity at its Asphalt Ridge heavy oil extraction facility located near Vernal, Utah. The Company also owns a minority stake in an exploration and production play located in southwest Texas held by Accord GR Energy Inc.